City Developments 2nd-Quarter Income Falls

By Gaurav Raghuvanshi Features Dow Jones Newswires

City Developments Ltd. (C09.SG) Friday said its net profit fell 17.9% on year, mainly as the completion of a project in Singapore had boosted income last year.

Continue Reading Below

Net profit in the June quarter was 109.9 million Singapore dollars (US$80.6 million), compared with S$133.8 million in the same period of last year. Revenue declined 21.8% to S$854.1 million, City Developments said in a statement to the Singapore Exchange.

The real estate developer said it expects to gain from any upturn in Singapore's residential market, adding that it sold 691 residential units in the first half of this year, compared with 324 units in the first six months of last year.

Separately, the company announced that Grant Lewis Kelley has resigned as chief executive and will be replaced by his deputy, Sherman Kwek. Mr. Kelly will leave the company at the end of the year, it said.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

Continue Reading Below

August 10, 2017 19:30 ET (23:30 GMT)